Industrial strata prices have increased in Burnaby from $206 per square foot a decade ago to more than $400 per square foot now, according to Avison Young, because of supply constraints in part due to rezoning of industrial land in the area as well as increasing demand.

The project is expected to get final approval by September or October, according to Sawchyn.

The City of Burnaby encourages projects, such as this one, that use and improve upon existing industrial properties, according to Jim Wolf, The city of Burnaby’s senior long range planner.

“Part of the overall local and regional strategy is to encourage redevelopment and intensification of existing sites to maximize the use of the region’s existing designated industrial land base,” Wolf wrote in an email to the NOW. “Redevelopment of existing sites provides more opportunities for maximizing the intensification of available sites and adaptation to contemporary building forms that suit the needs of local businesses.”

The project is expected to be completed by the end of 2019 or beginning of 2020.